The holdings amounted to 3.8 billion of America Movil SAB’s
L shares at the end of last year, according to a U.S. regulatory
filing yesterday. New York-based BlackRock previously had
disclosed having about 1.3 billion L shares through various
funds, according to data compiled by Bloomberg.

America Movil, Latin America’s largest mobile-phone
carrier, has trailed the performance of other Mexican stocks
amid concern that stricter regulations and more intense
competition will curb growth. That hasn’t stopped Slim, 73, who
controls 43 percent of the wireless company, from maintaining
his title as the world’s richest person, with a fortune of $78.3
billion according to the Bloomberg Billionaires Index.

The company’s stock is divided into three classes.
BlackRock said it holds about 7.4 percent of the L shares, the
biggest class, which represents about two-thirds of the total
outstanding stock. BlackRock’s stake in America Movil’s total
equity now exceeds 5 percent, said Bobbie Collins, a spokeswoman
for the investor.

The holding makes BlackRock the second-biggest outside
investor in Mexico City-based America Movil, after AT&T Inc.,
which has stake of about 10 percent, based on its ownership of
Class L and AA shares.

Slim’s son, Marco Antonio Slim Domit, is a board member of
BlackRock. The billionaire held a stake of less than 2 percent
in the fund manager as of November 2010, his spokesman, Arturo
Elias, said at that time.

Not Strategic

Collins said the America Movil stake wasn’t a strategic
investment. The increase is just a result of funds accumulating
the shares, especially those with concentrations in emerging
markets, Collins said.

An America Movil official who asked not to be named under
company policy declined to comment.

America Movil L shares rose less than 1 percent to 16.04
pesos at the close in Mexico City. They have gained 5.9 percent
in the past 12 months, while Mexico’s benchmark index rose 21
percent. BlackRock slipped 0.5 percent to $236.28. The stock has
climbed 30 percent in the past 12 months, as the Standard &
Poor’s 500 Index increased 14 percent.